Although many buyers angled their dialogue and offers in an effort to secure a reduced price, Jim was able to successfully defend the list price and overall value of the asset. After generating multiple offers and waging the buyers against one another to increase price and improve the terms, Jim worked hard to place the property under contract with a vetted buyer that had the highest likelihood of performing. Numerous positives resulted as a result of these efforts. The ultimate buyer’s price was $20,000 above list price with a nonrefundable deposit on day one and I was able to use my trusted attorney as Title, Escrow and Closing agent, and Jim negotiated for the buyer to pay for Title insurance. Additionally, the timelines were negotiated in my favor as the due diligence period was compressed to just 7 days, yet the closing period was extended to allow me to yield 5 weeks of additional cash flow. The purchaser paid a price on capitalized income which does not take effect for over 1 year and I did not have to provide any rent credit. And finally, all of this occurred during a worldwide Pandemic before the economy shifted, cap rates increased and values decreased!
Total Represented Transaction Volume: $16,176,000